Company Registration No. 06248365 (England and Wales)
Monica Horvath Limited
Unaudited financial statements
for the year ended 31 March 2019
Pages for filing with Registrar
Monica Horvath Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 5
Monica Horvath Limited
Balance sheet
As at 31 March 2019
Company registration no. 06248365
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
2
-
84
Current assets
Debtors
3
14,344
10,245
Cash at bank and in hand
800
2,563
15,144
12,808
Creditors: amounts falling due within one year
4
(1,819)
(5,192)
Net current assets
13,325
7,616
Total assets less current liabilities
13,325
7,700
Capital and reserves
Called up share capital
5
2
2
Profit and loss reserves
13,323
7,698
Total equity
13,325
7,700
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 12 December 2019
M Horvath
Director
Monica Horvath Limited
Notes to the financial statements
For the year ended 31 March 2019
- 2 -
1
Accounting policies
Company information
Monica Horvath Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
73 Kimberley Road, Chingford, E4 6DQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computer equipment
20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
Monica Horvath Limited
Notes to the financial statements (continued)
For the year ended 31 March 2019
1
Accounting policies
(Continued)
- 3 -
1.4
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
1.5
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost. Financial assets comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. Investments, including those in subsidiary undertakings are held at fair value at the balance sheet date, with gains and losses being recognised within income and expenditure. Financial liabilities held at amortised cost comprise all creditors except social security and other taxes, deferred income and provisions.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Monica Horvath Limited
Notes to the financial statements (continued)
For the year ended 31 March 2019
- 4 -
2
Tangible fixed assets
Computer equipment
£
Cost
At 1 April 2018 and 31 March 2019
1,327
Depreciation and impairment
At 1 April 2018
1,243
Depreciation charged in the year
84
At 31 March 2019
1,327
Carrying amount
At 31 March 2019
-
At 31 March 2018
84
3
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
-
10,000
Other debtors
14,344
245
14,344
10,245
4
Creditors: amounts falling due within one year
2019
2018
£
£
Corporation tax
1,339
1,833
Other creditors
480
3,359
1,819
5,192
5
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary of £1 each
2
2
Monica Horvath Limited
Notes to the financial statements (continued)
For the year ended 31 March 2019
- 5 -
6
Directors' transactions
Included in other debtors are the following advances to the director.
Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Directors Loan
3.00
-
14,194
14,194
-
14,194
14,194